Debt problems pile up with inflation

The month of September saw inflation rise, in news which could see debt problems pile up for Britain’s families.

Figures from the Office for National Statistics (ONS) published yesterday, show the Consumer Price Index rose from 3.1 to 3.2 per cent.

Debt levels for the UK’s households could be set to get worse, as utility providers such as British Gas and Scottish and Southern Energy, plan to increase prices.

There is also the VAT hike which is set to pile on the debt problems faced by millions of UK consumers, come January in the hangover from Christmas and New Year spending.

Kevin Still, Director of Atlantic Financial Management says: "Debt problems for UK consumers are often triggered by events outside of their control especially in a protracted recession and that is what we are seeing. It is not necessarily one expenditure shock that tips the balance, but a series of expenditure rises or reductions in income that squeeze household disposable income to a point where the bills don’t all get paid."

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